Abstract
There is a common belief that fluctuations in gasoline and diesel retail prices are primarily driven by changes in oil prices (Bumpass, Ginn, and Tuttle 2015). While this is partly true, the fact is that gasoline and diesel prices are influenced by multiple components, which can reduce the impact of oil price changes depending on the country or region. For instance, taxes account for a significant portion of retail gasoline and diesel prices in many countries.
